Seabridge Gold Inc. (TSX: SEA) (NYSE: SA) announced today that the remaining drill holes completed this year on the Iron Cap deposit at Seabridge Gold’s 100%-owned KSM project in north western British Columbia have confirmed a northern down plunge extension of the high grade core zone originally discovered by Seabridge in 2016. Results include some exceptional widths of gold and copper mineralization with grades exceeding the KSM resource average. Work is now in progress on an updated resource estimate for Iron Cap.

This year’s principal exploration objectives were to test the down plunge projection of the high-grade core zone of the Iron Cap Deposit to the west of the current resource and evaluate the relative positioning between Iron Cap and the currently planned alignment of the Mitchell-Treaty Tunnel (MTT). Due to its proximity to the MTT and its higher grade, Iron Cap could potentially improve KSM’s economics by mining it before the Kerr deposit. The 2018 program successfully tested the down plunge projection of the Iron Cap core zone, assessed the impact of post-mineral intrusions on the south end of the Iron Cap deposit and obtained data for the optimum alignment of the proposed Mitchell-Treaty Tunnel (MTT) which would transfer ore to the proposed mill.

Seabridge Chairman and CEO Rudi Fronk commented: “Iron Cap has clearly become one of the best deposits in the KSM cluster, not only for its superior grade but also due to its proximity to infrastructure, which we expect will require less capital to develop than the Kerr and Sulphurets deposits, and also its size and orientation which favour efficient, cost-effective underground block cave mining. We believe the impact of Iron Cap on the economic potential of KSM will help us conclude a joint venture partnership on positive terms.”

Drill holes from this season’s program can be divided into the program’s three target areas: the northwestern down plunge projection of the high grade core zone; the northeastern up-dip projection of the core zone; and the potential for a southern extension. Drilling of the northwestern projection, including holes IC-18-74B*, 75*, 75B, 81, 82, 82A, 83 and 85 and 85A, will likely result in a resource expansion. This was difficult drilling due to a wide Sulphurets Thrust Fault (STF) interval and problems supplying the drills with adequate water. Consequently, holes IC-18-80 and 80A did not penetrate the STF, holes IC-18-074 and 82 were lost when the fault zone collapsed after initially advancing through the STF, and holes IC-18-80B and 81A were abandoned due to lack of drilling water. IC-18-84 confirmed a shallow up dip extension of the core zone to the northeast. On the southern end of the core zone, the plunge projection was targeted by holes IC-18-76, 77 and 79. Although the pattern of rocks approaching the core zone was intact, a post mineral intrusion appears to have cannibalized much of the high-grade material in this localized area. (* indicates drill hole results released on October 11, 2018)

Results from the remaining drill holes at Iron Cap are tabulated below:

2018 Iron Cap Exploration Drilling Results

The drill holes reported above were designed to test down plunge and across the Iron Cap deposit. Intervals reported are approximately normal to the strike of the mineralized zone, however hole orientations vary as collar locations were restricted due to topography. Additional drilling, which is anticipated as development progresses, is required to confirm these thicknesses.

Northwest Plunge Projection

Drilling into the northwest plunge projection of Iron Cap was designed to extend the high-grade zones that were developed in the 2017 program. In addition, the program was also formulated to address a potential conflict between the projection of the Iron Cap deposit and the MTT haulage that is a critical part of the project infrastructure. The bulk of the drilling was conducted from limited out crops (nunataks) on the icefield and glacier above the STF. These holes all encountered significantly thicker sections of the STF than we experienced elsewhere on the property, ranging from 35 to 105 meters and accompanied by a broad shatter zone. Due to the very poor rock quality, several holes were lost.

The drill holes that did penetrate the STF found a pattern of rocks identical to that encountered in 2017, and matching the geological model used in our last Iron Cap resource update. Directly below the STF, holes encountered sedimentary rocks that are locally brecciated; matrix to the breccia is fine-grained intrusive rocks. This zone is interpreted as a breccia formed on the margin of an intrusive complex. Passing out of the brecciated sedimentary rocks, holes intersected a series of intrusions with intensive hydrothermal alteration and variable quartz-stockwork veining. This is the heart of the Iron Cap central core zone, generally producing intervals over 100 meters across with gold grades of about 0.30 g/t and copper grades of about 0.30%. Within this core interval locally much higher grades are encountered, likely the result of overlapping hydrothermal events. Below the core zone is typically a distinctive intrusive rock that is less mineralized.

Northeast Up Dip Projection

Hole IC-18-84 was drilled to define the up-dip continuity of the ore zone on the northeastern side of Iron Cap. This hole confirms that the ore zone reaches the surface below glacial ice thereby limiting the potential in the northeast direction. At the up-dip limit of Iron Cap, the zone is composed of altered and thermally metamorphosed sedimentary rock. Variable grade distribution in these rocks may be controlled by permeability or reactive sedimentary beds.

Southwest Plunge Projection

The drill holes targeting the southwestern plunge projection were focused on defining the extent of zones encountered in IC-17-72 (858.1m of 0.86g/t Au and 0.51% Cu including 113.4m 2.98g/t Au and 1.56% Cu ) and IC-14-58 (184.0m of 0.51g/t Au, 0.27% Cu and 142.0m 0.49g/t Au, 0.31% Cu). Results from this drilling have confirmed that the intrusive rocks are less altered, less mineralized and have been intruded by younger igneous rocks. Effectively, the limits to the south for the Iron Cap central core zone have been defined. Those limits are defined both by a decrease in mineralization and the impact of an incestuous intrusion. These results provide an interpreted strike for the Iron Cap high-grade zone of about 800 meters from the North Iron Cap Fault to the southern limit.

Exploration activities by Seabridge at the KSM Project are being conducted under the supervision of William E. Threlkeld, Registered Professional Geologist, Senior Vice President of the Company and a Qualified Person as defined by National Instrument 43-101. Mr. Threlkeld has reviewed and approved this news release. An ongoing and rigorous quality control/quality assurance protocol is employed in all Seabridge drilling campaigns. The sampling program includes blank, duplicates and reference standards, with all copper assays that exceed 0.25% Cu re-analyzed using ore grade analytical techniques. Cross-check analyses are conducted at a second external laboratory on at least 10% of the drill samples. Samples are assayed at ALS Chemex Laboratory, Vancouver, B.C., using fire assay atomic adsorption methods for gold and ICP methods for other elements.

Seabridge holds a 100% interest in several North American gold projects. The Company’s principal assets are the KSM Project and Iskut Project located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada’s Northwest Territories. For a full breakdown of Seabridge’s mineral reserves and mineral resources by category please visit the Company’s website at http://www.seabridgegold.net/resources.php